Let's review some data points you shouldn't miss. 

Macro View

The S&P 500 is up 9% year-to-date, and Tuesday it was up almost 0.5%, as more earnings rolled in. The global economy is slowing, and while the up-move comes after a horrible last few months of 2018, there doesn't seem to be tons of upside from here on out. Plus, the average forward price-to-earnings ratio on the S&P 500 is edging closer to 16, elevated from where it was before the positive earnings reports brought more optimism into the market. 

Many strategists are calling for U.S. stock gains of between 9% and 15% for the year, leaving not much more room for stocks to climb this year, assuming the experts have it right. Stifel strategists said in a note out Monday they favor value over growth stocks. LPL Financial said in a note out Tuesday "the next 10% will likely be much harder." 

Yes, earnings growth halfway through the fourth quarter earnings season has been around 12%, beating expectations of 10.9%, but how much more room upwards is there really? 

BP Oil

BP PLC (BP - Get Report) was up 3.36% to $42.78 a share Tuesday after beating earnings estimates, reiterating its dividend boost, and guiding for a 6% increase in capital expenditures for new projects in 2019. BP Oil was the RealMoney Stock of the Day Tuesday. See more about the outlook for oil here. Read the roundup below:

BP Oil is a holding in Jim Cramer's Action Alerts PLUS member club. Read what the team had to say here BP Crushes Expectations.